Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Analysis of Revenues
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FedEx Corp., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
The common-size income statement reveals a cost structure characterized by high operating leverage, where operating expenses consistently consume between 91.77% and 95.33% of total revenue. Operating income margins exhibit moderate volatility, ranging from a low of 4.67% in February 2021 to a high of 8.23% in August 2020, reflecting the company's sensitivity to variable input costs and systemic operational pressures.
- Primary Operating Cost Drivers
- Salaries and employee benefits represent the largest single expenditure, remaining relatively stable between 32.40% and 37.24% of revenue. Purchased transportation constitutes the second largest cost, generally fluctuating between 22.60% and 26.59%. These two components together account for approximately 60% of total revenue throughout the period.
- Fuel Cost Volatility
- Fuel expenses demonstrate significant fluctuation, serving as a primary driver of margin variability. Costs escalated from 2.92% in August 2020 to a peak of 7.84% in August 2022, before trending downward toward 3.57% by February 2026, with a brief spike to 5.73% in May 2026.
- Fixed and Semi-Fixed Costs
- Rentals, landing fees, and depreciation and amortization remain remarkably consistent. Rentals and landing fees typically range from 4.80% to 5.44%, while depreciation and amortization costs fluctuate narrowly between 4.17% and 5.00% of revenue.
- Operational Optimization and Restructuring
- A sustained trend of business optimization costs is evident beginning in February 2021, with expenditures peaking at 1.48% of revenue in November 2024. More recently, separation and other costs emerged as a new expense line item starting in February 2025, increasing to 1.24% by May 2026, suggesting a shift toward workforce or structural reorganization.
- Non-Operating Influences
- Net income is significantly impacted by volatile "Other retirement plans, net" figures, which have fluctuated from a gain of 6.34% in May 2021 to a loss of 4.53% in May 2022. These non-operating swings often create a divergence between operating income and final net income margins.
- Profitability Trends
- Net income margins have fluctuated between a floor of 2.29% in May 2022 and a ceiling of 8.28% in May 2021. While operating income has shown periods of resilience, the bottom line remains susceptible to the combined effects of fuel price volatility, tax provision changes, and non-operating adjustments.